Seoul and Washington jointly announce agreement on amendment to KORUS FTA
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Seoul and Washington jointly announce agreement on amendment to KORUS FTA

After three months of talks,… Seoul and Washington made significant progress….
in amending their FTA. Both sides expressed satisfaction with the
concessions they squeezed out of each other thus far. Kim Hyesung outlines some of the key changes. In a joint statement, Seoul’s trade minister
Kim Hyun-chong and U.S. Trade Representative Robert Lighthizer said the two countries were
pleased to announce that they have reached an agreement in principle on the amendment
of their bilateral trade deal. The statement released Wednesday night local
time said the agreement addresses issues on investment, tariffs, automobiles, customs
and trade remedies. Seoul has agreed to lift some its safety and
environmental regulations, and will allow U.S. automakers to ship Korea up to 50-thousand
vehicles each, up from 25-thousand previously. Tariffs imposed on Korean pickup trucks exported
to the U.S will be extended by 20 years to 2041. South Korea on the other hand, secured revisions
to the investor-state dispute settlement clause. The two sides also agreed to improve the transparency
of the trade dispute settlement process, which covers issue like anti-dumping duties. But as South Korea’s trade minister mentioned
at a press conference Monday, there is no further opening of Korea’s agricultural market
or the mandatory use of U.S. auto parts. The announcement comes less than three months
since the first round of trade talks began in January. In the joint statement, Seoul and Washington
said the agreement represents “an important progress in improving Korea-U.S. trade and
economic relations, based on their strong and enduring security relationship.” As well as the FTA amendment, there’s an agreement
on exempting South Korea from the Trump administration’s 25-percent steel tariff measures. In exchange, South Korea’s quota will be set
at two-point-six-eight million tons of steel exports a year, or 70 percent of its average
annual shipments to the U.S. between 2015 to 2017. The arrangement with respect to steel products
is expected to take effect on May 1st. Working-level officials are ironing out the
details so that Seoul and Washington can finalize their amendments to the six-year-old trade
deal soon, which are subject to domestic procedures in both countriesbefore the provisions can
be brought into force. Kim Hyesung, Arirang News.

One Comment

  • Hung Nguyen

    What is up with mother fucker clown trump just said that he will hold what.? Just a sad shit. This clown has no juice. His sad shot money not even real. Sad shit

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